Stated income mortgages

[Noel Fleming Jones]

I've struck out on an ELOC for a house I own outright and on an FHA 203K, both because I'm self employed and don't show a lot of net income. Also, I've been in my business two years, but only one complete year, 2014, for tax returns.

The business showed a paper loss in 2013 because of accelerated depreciation, etc. but is black in 2014 and for 2015.

I'm renting an $1100 a month apartment and have been for years and all I want to do is get in a damned $500 a month house!

SO--would I have better luck with a stated income application, especially as I can show clear ownership of. $125,000 house which is rented in another state?

Is there such a thing as a stated income ELOC?

Here's hoping.